Condition Of The Property You Buy
You have found the perfect house and you want to close the deal as soon as possible. You should take time to ascertain that you are covered for all potential problems. Ensure that your contract stipulates certain actions that need to be undertaken by the seller before you sign on the dotted line.
Property Disclosures
You have walked through the property a couple of times and checked the walls and ceilings for damp. You have played with the electrical switches and turned on the oven. You have even turned on all the faucets in the house to see if there are any leaks. You are happy, but you are not a professional and have not lived in the house for years.
The bottom line is that you want protection against any potential problems with the house and you want the seller to disclose these to you. Ensure that your contract stipulates that the seller has to disclose any information that may have an effect on your decision to purchase the property. This could include traffic noise, if the property is in a flood zone or any other potential hazards.
If you are working with an estate agent, this should be an automatic clause in your contract. However, if you are buying privately, this clause has to be inserted into the contract.
Property Condition
The last thing you would expect when you move into your new house is to find it in a mess. You should stipulate in your contract that there are certain standards to be upheld with the state the house is left in. If you do not have this stipulated in your contract, you may arrive to move into your home and find that someone has used it as a dumping ground, leaving you with no option but to clean it up yourself.
The main clauses you want entered into your contract are:
• There are no leaks in the roof or plumbing
• The roof has been inspected and does not require repair
• There are no cracked or broken windows
• The garden has been maintained and all rubbish has been removed
Inspections
Other than obtaining a termite inspection certificate and an appraisal certificate, it is a good idea to find a professional to inspect the property on your behalf. Even if the professional inspector finds problems that the seller does not have to repair, at least you will be aware of it and be prepared for the expense.
Once you obtain this final inspection report, you should ensure that you are happy to go ahead with the deal. If you are not and there are particular issues you are not happy with, you should discuss these with your realtor or the seller and reach an agreement as to who will bear the responsibility for potential repairs. If you cannot reach an agreement, you should have the option to cancel your offer to purchase without being liable for a penalty. Your initial offer to purchase should have included a particular time period for this purpose.
You should revisit the property before you sign the final agreement to ensure that all necessary repairs have been done.
